India’s power sector slowed sharply in the September quarter as prolonged monsoon rains curbed both demand and plant load factors. In fact, thermal load factors slip to 61.9% as heavy rains dampen demand. How would this impact the second quarter earnings performance? Key brokerage firm, Nuvama expects muted profits across NTPC, Tata Power and Power Grid.

Nuvama on the outlook for Power sector

According to Nuvama’s Power Sector analysis, electricity demand rose only 3.4% year-on-year in Q2FY26 to about 450 billion units, while peak demand eased slightly to 229 GW from 231 GW a year earlier.

Citing data from the Power System Operation Corporation (POSOCO) and the Central Electricity Authority (CEA), the brokerage said average temperatures dropped to 27°C in September 2025 from 28°C in Sep

See Full Page